MLB franchise closing in on record-breaking $3.9B sale to Chelsea co-owner

"During the process and as we prepare for the 2026 season, the Padres will continue to focus on putting every resource into winning a World Series championship. We remain fully committed to you, this team, and the San Diego community."

The Seidler family's declaration attracted considerable interest, with a fierce bidding war quickly developing. The pool of prospective buyers included Dan Friedkin, owner of Premier League side Everton; Tom Gores, owner of NBA franchise the Detroit Pistons; and Joe Lacob, lead owner of the NBA's Golden State Warriors.

While several bids ultimately exceeded $3.5 billion during a final round of offers that took place this week, none were prepared to surpass Feliciano's closing bid of $3.9 billion, according to The Athletic.

The proposed sale still requires approval from at least 75 per cent of MLB owners, with a vote scheduled to take place in the coming weeks.

Feliciano already possesses an impressive sports investment portfolio, having previously become a co-owner of Chelsea F.C. in May 2022. Amongst his Chelsea partners is Todd Boehly, who is also an owner of the Padres' chief rival, the Los Angeles Dodgers.

During an appearance at the Sports Business Journal's CAA World Congress of Sports earlier this week, Clearlake co-founder Behdad Eghbali suggested that Feliciano was serious in his pursuit of the Padres.

"We have and I think we will continue to be investors," Eghbali said. "I've read some of the same headlines that Jose is one of the bidders in the Padres process, but we'll leave that to the process."

Eghbali confirmed that sports franchises represent a long-term strategic priority for Clearlake, highlighting the enduring value of live events and premium content in an ever-evolving media landscape.

"Sports is a category where we think there's a lot of growth," he added. "It's a category where live events - sports - we think will be a mainstay investment category for investors in the decades to come."